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WaMu Fails... seized... and sold... in one night.

sarahiki

By sarahiki
in HAIFinance

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sarahiki

sarahiki

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Just read that the government has "seized" control of WaMu and is selling off pieces of it. The article said that deposits are guaranteed by the FDIC and customers are unlikely to be affected...

but what does this mean for piddly customers like me? Will WaMu still exist? Should I go get my money and open a new checking account somewhere else? I am confused.

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houstonmacbro

houstonmacbro

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Just read that the government has "seized" control of WaMu and is selling off pieces of it. The article said that deposits are guaranteed by the FDIC and customers are unlikely to be affected...

but what does this mean for piddly customers like me? Will WaMu still exist? Should I go get my money and open a new checking account somewhere else? I am confused.

Well, if you have less than $100,000 in each account I wouldn't worry. But I'd prolly start looking at a new bank (Bank of America seems to be the mammoth bank that everyone else is going to have to contend with so that seems a pretty good bet--unless it has bitten off more than it can chew with all its recent acquisitions).

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editor

editor

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HAIF's bank account is at Wamu (actually opened at Bank United in River Oaks before it was bought). If anything unpleasant happens, I'll post it here.

The good news is that there's a Chase branch in my building so I can do my banking in my jammies now instead of having to walk seven blocks to the nearest Wamu.

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musicman

musicman

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meaning what... WaMu banks now become Chase? I just want to know which ATM to use. :)
that's what it sounds like.

Washington Mutual, the largest savings and loan in the United States, agreed to sell most of its assets and branches to JP Morgan Chase & Co. in a deal brokered by the government, according to news reports.

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editor

editor

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meaning what... WaMu banks now become Chase? I just want to know which ATM to use. :)

The New York Times says Chase will take over all 2,300 WaMu branches tomorrow (Friday, 26 September).

The funny thing is I went to WaMu a little while ago to get a business loan to expand HAIF and they told me to get stuffed. I know it's completely unrelated but I somehow feel vindicated.

I hear that ALL DEPOSITS... even above 100K are safe, due to how it was acquired...

So if JP Morgan took care of this... so quickly... why do we need to blow 700B? It seems like all the banks are gobbling each other up, just fine.

A bank (or any other entity) can only acquire so much. What happens when the banks don't have any more money to buy more banks? I think that's part of why the bailout is necessary.

But let's keep this about WaMu. There's another bailout thread elsewhere on HAIF.

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houstonmacbro

houstonmacbro

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The New York Times says Chase will take over all 2,300 WaMu branches tomorrow (Friday, 26 September).

The funny thing is I went to WaMu a little while ago to get a business loan to expand HAIF and they told me to get stuffed. I know it's completely unrelated but I somehow feel vindicated.

Good for you!

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sarahiki

sarahiki

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thanks folks, I guess that answers my question... I'm now a Chase bank customer! I just want to know my money is safe, so I can hand over my $10,000 share of the bailout. I won't sleep tonight unless I know I can do my part to save a banker's tuchus.

sorry Editor, couldn't resist a bailout comment. I'll save any further commentary for the bailout thread.

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BryanS

BryanS

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The New York Times says Chase will take over all 2,300 WaMu branches tomorrow (Friday, 26 September).

The funny thing is I went to WaMu a little while ago to get a business loan to expand HAIF and they told me to get stuffed. I know it's completely unrelated but I somehow feel vindicated.

A bank (or any other entity) can only acquire so much. What happens when the banks don't have any more money to buy more banks? I think that's part of why the bailout is necessary.

But let's keep this about WaMu. There's another bailout thread elsewhere on HAIF.

I am reading that JPM will attempt to sell $8 billion in new shares, tomorrow, to finance this deal... DOW futures are headed into the toilet, tonight... tomorrow will be an interesting day, for sure.

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RedScare

RedScare

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The New York Times says Chase will take over all 2,300 WaMu branches tomorrow (Friday, 26 September).

The funny thing is I went to WaMu a little while ago to get a business loan to expand HAIF and they told me to get stuffed. I know it's completely unrelated but I somehow feel vindicated.

I am dancing a little jig of gleefulness, knowing that the evil WaMu has finally met its maker. I used to Bank at Bank United, too (coincidentally, also at the River Oaks location). It was a wonderful little regional bank that took good care of its customers. WaMu came in and ruined it, running off its good employees and replacing them with little thieves, by way of exorbitamt fees. I switched banks, swearing one day I would dance on WaMu's grave.

That glorious day has arrived!!!!! :lol::lol::lol:

FU WaMu! Rot in Hell! :D

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editor

editor

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I am reading that JPM will attempt to sell $8 billion in new shares, tomorrow, to finance this deal.

Yes and no. Sorta. It's my understanding that the $8 billion is to help bolster JPM's cash reserves since it now has a lot of good, marginal, and worthless WaMu mortgages to tend and feed. Plus, JPMorgan is eating $31 billion in bad WaMu loans right off the bat. Insufficient cash reserves puts it in the same position WaMu was in. And after sucking up Lehman Brothers days ago I can understand JPM needing an antacid.

Of course, at this hour details are still coming out. We probably won't have a firm grip on it until the Saturday Journal and Sunday Times come out and can provide some analysis and explain it to us regular folk.

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Subdude

Subdude

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I am dancing a little jig of gleefulness, knowing that the evil WaMu has finally met its maker. I used to Bank at Bank United, too (coincidentally, also at the River Oaks location). It was a wonderful little regional bank that took good care of its customers. WaMu came in and ruined it, running off its good employees and replacing them with little thieves, by way of exorbitamt fees. I switched banks, swearing one day I would dance on WaMu's grave.

That glorious day has arrived!!!!! :lol::lol::lol:

FU WaMu! Rot in Hell! :D

Having switched from Chase to Wamu a while back, my sentiments are exactly the opposite. I hate to see Wamu go. I also hate to see more bank competition go.

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editor

editor

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Having switched from Chase to Wamu a while back, my sentiments are exactly the opposite. I hate to see Wamu go. I also hate to see more bank competition go.

I'm not a big Chase fan, either. I had a Chase credit card for close to 20 years (that I kept a pretty healthy balance on) and then one day I get a letter saying my terms have changed and instead of having the fixed 7.99% (or whatever) rate, I was now going to be charged 16% (ish). There was no reason for it -- I was making plenty of money, and had less overall personal debt than at any time since I was in college. I haven't missed a bill payment in a decade. Chase just decided I wasn't making enough for them so they decided to squeeze me. I squeezed back by canceling the card and transferring the balance to Citibank at 0% for 18 months, which was more than enough time to pay it off.

Will there be any other banks left? :unsure: Just Tyra Banks?

First National Bank of the Stuffed Mattress

(Smith and Wesson Insured)

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editor

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BoA and JP are going to be the only banks left if this keeps up. How do these two banks keep going when there buying all the failed banks and take on their debt?

Eventually they stop buying bad banks when they can't afford them, just like no matter how many coupons an old lady has, she can only afford so much cat food. So once BoA and JPM are full and there are no other private options the government has to decide if it will allow the other banks to go out of business or save them with the proposed bailout money since the FDIC is running out of money now.

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CoolBuddy06

CoolBuddy06

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I'm not a big Chase fan, either. I had a Chase credit card for close to 20 years (that I kept a pretty healthy balance on) and then one day I get a letter saying my terms have changed and instead of having the fixed 7.99% (or whatever) rate, I was now going to be charged 16% (ish). There was no reason for it -- I was making plenty of money, and had less overall personal debt than at any time since I was in college. I haven't missed a bill payment in a decade. Chase just decided I wasn't making enough for them so they decided to squeeze me. I squeezed back by canceling the card and transferring the balance to Citibank at 0% for 18 months, which was more than enough time to pay it off.

First National Bank of the Stuffed Mattress

(Smith and Wesson Insured)

Hey hey all these posts get me on edge. I came here to start a thread on which Wamu branch will you like to wave bye bye to; but I see that I should be more worried than that. First I started with Wamu but now I kept a near zero balance since they charged my wife overdraft fees because she chose to use the ATM one day when there was a long line inside. There's always a long line, she's the impatient type. Then we changed to Chase. Right now I think there are too many Chase branches, plus too many Wamu branches.

I have a ton of student loans on 3 chase credit cards. They better not raise rates on me or someone's gonna die. :lol: Since graduate loans are at 6.8, higher than my mortgage rate, I kept moving the loans to chase 0% for 15/18 months introductory rate. Then next year they will send the same offer and I will ask for a balance tranfer to my bank account (you can't pay a chase card with transfer from another chase card) before paying the old card off and cutting it up. I only need to do this one more time...

The New York Times says Chase will take over all 2,300 WaMu branches tomorrow (Friday, 26 September).

The funny thing is I went to WaMu a little while ago to get a business loan to expand HAIF and they told me to get stuffed. I know it's completely unrelated but I somehow feel vindicated.

A bank (or any other entity) can only acquire so much. What happens when the banks don't have any more money to buy more banks? I think that's part of why the bailout is necessary.

But let's keep this about WaMu. There's another bailout thread elsewhere on HAIF.

No wonder they folded up; they don't know a good business when they see one.

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sevfiv

sevfiv

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A little OT, but does anyone know of some local branches of credit unions that are fairly easy to join?

In any banking discussion, I always urge folks to ditch banks and try to find a way to become a member of a credit union (maybe it isn't as restrictive as I thought - not sure, since I have membership through my employer).

Long live credit unions!

edit - here's the NCUA search:

http://www.ncua.gov/indexdata.html

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musicman

musicman

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A little OT, but does anyone know of some local branches of credit unions that are fairly easy to join?

In any banking discussion, I always urge folks to ditch banks and try to find a way to become a member of a credit union (maybe it isn't as restrictive as I thought - not sure, since I have membership through my employer).

yeah it is much easier now. many just want you to be a friend of a current member. i joined shell earlier this yr. friend/neighbor is daughter of shell employee.

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sarahiki

sarahiki

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A little OT, but does anyone know of some local branches of credit unions that are fairly easy to join?

In any banking discussion, I always urge folks to ditch banks and try to find a way to become a member of a credit union (maybe it isn't as restrictive as I thought - not sure, since I have membership through my employer).

Long live credit unions!

edit - here's the NCUA search:

http://www.ncua.gov/indexdata.html

What are the advantages of a Credit Union?

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